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NOW, TI-IEREFORE; <br /> <br /> BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY <br />OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. Subordination of the Promissory Note and Deed of Trust in the amount of <br />$255,000.00 as recorded against the Project Site in favor of a Deed of Trust benefiting <br />Wells Fargo Bank securing a loan in an amount not exceeding $1,375,000.00 for fifteen <br />(15) years is hereby approved. <br /> <br /> 2. The Executive Director of this Agency or his designee and the City Clerk, as <br />Secretary of the Agency, are hereby authorized and directed to execute, and to attest <br />thereto, respectively, the subordination agreement in favor of Wells Fargo Bank, <br />conforming substantially to the form of Exhibits "A", attached hereto and incorporated <br />herein. <br /> <br /> 3. The Executive Director of this Agency, or his designee and the City Clerk, as <br />Secretary of this Agency, are hereby authorized and directed to execute, and attest <br />thereto, respectively, (i) a Certificate of Completion of the Project in the form of Exhibit <br />"B", attached hereto and incorporated herein; and ii) escrow instructions to First <br />American Title Insurance Company indicating the specific use of the loaned funds <br />provided by Wells Fargo Bank to pay off the existing construction loan encumbering the <br />subject property. <br /> <br />]~D-004 <br />K~B:mav <br />04/20/99 RD99- 20 <br /> <br /> 2 <br /> <br /> <br />